SILVER
Statistical Compendium

Silver has been known and used for thousands of years. In
ancient times, silver was used for jewelry, ornaments, utensils,
and as a substance that could be bartered for other goods and
services. This belief that silver had an underlying ""value" led
eventually to its use as the basis for monetary systems such as
that of the Roman Empire and as a means of paying for
international trade. The discovery during the 18th and 19th
centuries of large silver deposits in the New World, however,
resulted in the conversion of most monetary systems to the gold
standard. Despite the loss of its status as the basis for the
world's monetary systems, the belief in the value of silver
remained.

In 1990, silver was produced by at least 55 countries.
Mexico was the largest silver producing country, followed by the
United States, Peru, the former U.S.S.R., Canada, and Australia.
In essentially all producing countries, the primary source of
silver is its recovery as a byproduct of copper, gold, lead, or
zinc production.

During the 1980's, domestic mine production of silver
increased to its highest level in nearly 50 years, and was due,
in part, to a number of factors. During the early years of the
decade, precious metal prices remained higher in constant dollars
than they were during the previous decade. Additionally, during
1979-80, silver and gold prices were unusually high, while the
prices of other base metals were relatively low. In response,
companies spent their exploration budgets in search of precious
metals. Many of the resultant discoveries were developed into
producing mines. Later in the decade, rising prices for metals
such as copper, lead, and zinc indirectly contributed to
increased domestic silver production. The higher prices allowed
some mines to reopen. Other companies increased the capacity of
their operations. As noted previously, nearly all base metal
mines contain some silver.

Silver has many uses, ranging from decorative to
utilitarian. The most important use for silver is in the
manufacture of photographic materials. Among the applications
for silver are electrical and electronic products, including some
types of batteries, brazing alloys and solders, catalysts, dental
and medical products, jewelry, sterlingware, electroplated ware,
bearings, and mirrors.